'Unsafe, Unsound' Practices Run the Range

The 15-item list of practices determined by the Florida Office of Financial Regulation to be unsafe for the Eastern Financial Florida Credit Union's continued existence runs the gamut.

According to the March 19 cease and desist order, they are:

-operating without effective leadership oversight executive management supervision and direction from the board of directors to prevent unsafe and unsound practices and violations of laws rules regulations and guidance;

-operating without adequate core deposits to ensure it can meet its funding obligations as they become due without the mandatory use of borrowed funds to achieve and maintain the necessary liquidity under all circumstances;

-operating without a specifically described and effective capital maintenance plan;